Last $60.67 USD
Change Today +1.12 / 1.88%
Volume 62.3K
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As of 8:04 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

rogers corp (ROG) Key Developments

Rogers Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014

Rogers Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net sales of $136.2 million and net income from continuing operations of $0.64 per diluted share, which includes a special charge of $0.17 per diluted share associated with an impairment charge related to a year-end accounting revaluation of an investment made in 2009. Excluding this net special charge, non-GAAP net income from continuing operations was $0.81 per diluted share. Net sales and non-GAAP net income from continuing operations were above the company's guidance announced on October 29, 2013 of $129 to $135 million in net sales and net income from continuing operations of $0.68 to $0.80 per diluted share, respectively (the original guidance did not include any anticipated special charges). Fourth quarter 2012 net sales were $124.2 million with net income from continuing operations of $0.30 per diluted share, which included net special charges of $0.28 per diluted share. Excluding these special charges, fourth quarter 2012 non-GAAP net income from continuing operations was $0.58 per diluted share. Operating income was $11.351 million compared to $6.825 million a year ago. Income before income tax expense was $11.395 million compared to $6.547 million a year ago. Income from continuing operations was $11.530 million compared to $5.179 million a year ago. Net income was $11.530 million or $0.64 per diluted share, compared to $5.064 million or $0.29 per diluted share, a year ago. In the fourth quarter 2013, the net increase in cash was primarily attributable to strong cash generated from operations of approximately $33.3 million, the quarter benefited from a $16 million decrease in net working capital primarily related to decreases in accounts receivable of $11.6 million and a net increase in short-term liabilities, $3.6 million, offset by a slight increase in inventory $1.1 million and cash received from the exercise of stock options of $6.4 million. Those amounts were partially offset by capital expenditures of $3.3 million. Net debt metric to a positive $114.4 million representing a $97.5 million improvement versus the fourth quarter last year providing added liquid reserves in support of future strategic needs. Net sales from continuing operations for the full year 2013 were $537.5 million, a 7.8% increase from the $498.8 million reported for the full year 2012. Full year 2013 income from continuing operations was $2.12 per diluted share, which included net special charges of $0.49 per diluted share compared to $4.07 per diluted share for the full year 2012, which included a net benefit from special items of $2.06 per diluted share. The 2012 special items were primarily related to the reversal of a tax valuation allowance on the majority of the Company's United States deferred tax assets. Excluding special adjustments, non-GAAP net income from continuing operations was $2.61 per diluted share for 2013 compared to $2.01 per diluted share for 2012, an increase of almost 30%. Operating income was $49.280 million compared to $25.664 million a year ago. Income before income tax expense was $48.885 million compared to $22.650 million a year ago. Income from continuing operations was $37.659 million compared to $69.134 million a year ago. Net income was $37.761 million or $2.13 per diluted share, compared to $68.685 million or $4.04 per diluted share, a year ago. Capital expenditures were $16.9 million for the full year 2013 compared to $23.8 million in 2012. The company provided earnings guidance for the first quarter and full year of 2014. The company projects first quarter 2014 net sales to be between $134 to $138 million and net income from continuing operations to be between $0.68 to $0.75 per diluted share, reflecting the higher expected tax rate for 2014. The company expects that the high-end of guidance should deliver a 57% improvement in operating income compared to first quarter of 2013. That should achieve an operating profit of 13.7% as a percent of sales, compared to the 9.6% reported in first quarter of 2013. The company expected capital expenditures of approximately $25 million in 2014. The company currently projects its effective tax rate for the full year 2014 will be approximately 28%.

Rogers Corporation Accelerates Initiatives to Open Rogers Innovation Center at Northeastern University Later First Quarter of 2014

Rogers Corporation accelerated initiatives related to the opening of the Rogers Innovation Center at Northeastern University later first quarter of 2014.

Rogers Corporation Seeks Acquisitions

Rogers Corporation (NYSE:ROG) is looking for acquisitions. Bruce Hoechner, President and Chief Executive Officer of Rogers Corporation, said, "We have a very active effort right now looking at opportunities for technology licensing, acquisitions, and so forth. And so, you know, those things come as they do. Sometimes you can't force it, but we are very, very active right now."

Rogers Corporation, Q4 2013 Earnings Call, Feb 24, 2014

Rogers Corporation, Q4 2013 Earnings Call, Feb 24, 2014

Rogers Corporation to Report Q4, 2013 Results on Feb 24, 2014

Rogers Corporation announced that they will report Q4, 2013 results at 9:00 AM, Eastern Standard Time on Feb 24, 2014

 

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ROG

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Valuation ROG Industry Range
Price/Earnings 28.1x
Price/Sales 1.9x
Price/Book 1.9x
Price/Cash Flow 28.6x
TEV/Sales 1.5x
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